Information on impairment losses created by the subsidiary
Current Report No. 39/2020
Date: 8 May 2020
Subject: Information on impairment losses created by the subsidiary
Legal basis: Article 17 (1) of MAR - inside information
The Management Board of Energa SA informs that on 8 May 2020 it received the information from the subsidiary Energa Kogeneracja Sp. z o.o. ("Company") about creation of:
a) impairment loss on the value of shares held in Polska Grupa Górnicza S.A. in the amount of PLN 405 million,
b) impairment loss on the value of property, plant and equipment of CGU Elbląg in the amount of PLN 78 million,
c) impairment loss on the value of stakes in Energa Ciepło Ostrołęka Sp. z o.o. in the amount of PLN 19 million.
The above impairment losses are the result of valuations of stakes and impairment tests of non-current assets as of 31 December 2019.
The estimated total impact of the above impairment losses on the consolidated net result of Energa Group for 2019 is PLN -451 million, and on the standalone net result of Energa SA for 2019 PLN -274 million in the form of a decrease in the value of stakes in the Company. The above events are of a non-cash nature. They will decrease the operating results of Energa Group and Energa SA without affecting the EBITDA result.
The financial data presented are estimates and will be subject to auditing by the auditor, therefore they may change. The final results of the tests and the amounts of impairment losses will be presented in the consolidated financial statements of Energa Group for 2019 and in the standalone financial statement of Energa SA.